OpenSea blocks NFT Bored Ape 2162 due to legal action

OpenSea, the popular NFT marketplace, has halted trading of a Bored Ape Yacht Club (BAYC) 2162 non-fungible token on its platform. The Singapore High Court has blocked the sale of the item over a disagreement over the loan.

ICYMI: OpenSea disables Bored Ape NFT in Singapore court case

OpenSea has disabled Bored Ape 2162 trading

The article in question, Bored Ape Yacht Club or BAYC-2162is now identified as “ reported for suspicious activity on OpenSea, the largest NFT marketplace in the world. This tag prevents the item from being listed for sale by its current owner. Potential buyers also do not have the opportunity to submit bids for the item.

According to a statement from Singaporean law firm Withers Katthar Wong, it is a case between an individual called Rajesh Rajkumar and an NFT collector going by the pseudonym chefpierre.eth. As the case went wrong, Rajkumar was able to get an injunction from the Singapore High Court.

According to Whitters Khattar Wong, the two parties reached a loan agreement on March 19. This included a subsequent refinancing agreement following the maturity date. The transaction was made on an NFT lending platform including NFTfi.

Indeed, Rajkumar used Bored Ape 2162 as collateral for the loan. This choice would be due to the rarity and the high value of the collector’s item and therefore making it possible to obtain a larger loan. The applicant was unable to repay the loan on the due date.

Loan Disagreement Leads to NFT Sell Block

Although Rajkumar was unable to make the payment until the due date, it could be extended as per the extension clause for the loan. However, chefpierre did not honor this agreement. Instead, he decided to foreclose on the loan, transferring NFT Bored Ape 2162 from the plaintiff’s wallet to his own.

“While we do not disclose details of enforcement actions on individual collections, I can report that our policies and terms of use clearly prohibit the purchase, sale or transfer of stolen, fraudulently obtained, taken without authorization. As well as any item obtained illegally or for money laundering. » an OpenSea spokeswoman told The Block.

Conclusion

The disputed minimum price of BAYC is currently 96 ETH, or around $190,000. Bored Ape was once an emblem of the NFT revolution, costing millions of dollars. However, Fortune reports a considerable drop in the average price of a NFT, which fell about $5,000 from January to March of this year. This situation in Singapore could provide a boost to NFTs in this context. This by legalizing them as a real financial asset.

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Emile Stantina

Interested in investment and financial markets after a business school in Chambéry, the passion for cryptocurrencies was obvious. The blockchain is surely the universal tool of tomorrow.

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OpenSea blocks NFT Bored Ape 2162 due to legal action


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